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TIGHTENED LENDING: Some economists predict that falling off the fiscal cliff could also mean the economy plunges back into a recession.
"If this creates another recession, we can expect issuers to tighten their standards for approval, cut the credit limits on existing accounts, and approve lower limits on new accounts," said Hardekopf.

Hardekopf says statistics and projections show the painful consequences with tax increases if a deal is not reached. He continues by stating higher tax payments will be bad news for household budgets that are already stretched to the limit.

Click through the slideshow to see just how your credit card account could be affected if a deal is not reached.